Cegedim Group reported its first-half 2026 results on September 24, 2026, highlighting a divergence between revenue growth and operating efficiency. Revenue climbed to €324.8 million, a 0.7% increase on a reported basis and 0.8% like-for-like, while adjusted operating income surged 6.9% to €19.7 million, marking a margin expansion to 6.1% from 5.7% in H1 2025. Net income attributable to the group nearly quadrupled to €5.4 million, reflecting improved operational discipline amid a 113-person workforce reduction to 6,492 employees across ten countries. Payroll costs fell 0.8% to €174.9 million, and external expenses decreased 1.6% to €66.6 million, contributing to a 17.3% reduction in net debt to €150.4 million (from €182 million in H1 2025).
The company’s Business Services unit, generating 29.5% of H1 revenue, saw adjusted operating income surge 21.4% to €14.9 million, with margins rising to 15.6% from 13.4%. Over the 2021–2025 period, this segment’s revenue grew at a compound annual growth rate (CAGR) of 9.4%, reaching €181.5 million with a 14.3% adjusted EBIT margin. Health & Provident Insurance, accounting for 25.9% of total revenue, reported a 27.5% rise in adjusted operating income to €7.1 million, with margins expanding to 8.5% from 6.7%. The Healthcare Professionals segment, though revenue declined at a 2.9% CAGR to €64.7 million, narrowed its adjusted operating loss to €6.8 million (from €8.7 million), improving margins to –10.5% from –13.3%. Data & Marketing, at 20% of revenue, saw adjusted operating income drop 34.4% to €6.1 million, with margins compressing to 9.3% from 14.6%, while Cloud & Support, down 16.2% like-for-like to €15.2 million, swung into a €1.6 million loss from a €0.1 million profit in H1 2025.
Operating free cash flow strengthened to €58.9 million, and adjusted EBITDA rose 1.3% to €62.0 million (margin 19.1% vs. 19.0% in H1 2025). Capital expenditures increased to €52.0 million (up from €36.2 million), while shareholder equity grew to €296.9 million. Long-term debt declined slightly to €219.5 million, with an undrawn €50 million revolving credit facility maturing in 2029. A €171 million bank loan and a €51.3 million shareholder loan mature in 2031. The company also expects approximately €4 million in Ségur subsidies during H2 2026.
Cegedim’s full-year 2026 guidance projects like-for-like revenue growth above 2%, alongside increases in recurring operating income and operating income. France accounts for 91.9% of its revenue, with the company’s long-term financial health supported by a controlling stake held by FCB (61.1%), public shareholders (36.2%), and treasury shares (2.7%). The stock fell 2.55% to $11.48 following the presentation, trading within a 52-week range of $8.50 to $15.30, with a market capitalization of $180 million and a P/E ratio of 16.8.
